The Science of Homebuying Psychology: A Study

A recent survey of approximately 3,350 U.S. residents in 11 different metro areas who have either bought a home, sold a home, or plan to do so was conducted in the hopes of uncovering new perspectives and trends amongst recent homebuyers. It didn’t disappoint!

The survey—which began back in May 2017 and has since asked approximately 3,350 U.S. residents in 11 different metros across the country who have either bought a home, sold a home, or plan to do so—was conducted in the hopes of uncovering new perspectives and trends amongst recent homebuyers It didn’t disappoint.

Perhaps the most interesting finding of the survey was that one-third of homebuyers last year made an offer on a home that they’d never seen in person. Last year, that figure was at 19 percent, and two years ago, 21 percent. Further, millennials were more likely than any other generation to do so—41 percent, compared to Gen-Xers at 30 percent and Baby Boomers at 12 percent.

“Millennials are already starting to set trends in the real estate industry,” said Nela Richardson, Chief Economist at Redfin. “They are three times more likely than Baby Boomers to make an offer sight-unseen, and they’re more likely than older buyers and sellers to negotiate commission savings. Despite their tech-savvy confidence, politics are seeping into Millennials’ decisions about where to live; nearly half cited hesitations about moving to a place where their neighbors wouldn’t share their views.”